All Forum Posts by: Nathan Cox

Thanks for the fast responses everyone. At the time I purchased the condo I just needed somewhere to live I wasn't thinking about investing. But over the last few months I've realized there are better was to use the money to create more money. I will defiantly use the resources you guys have provided me. Like I said I'm very new to all this so I don't know much.

Ok here's my situation, I am  24 years old living in Alaska. A couple months ago I used  the money I got from an inheritance to buy my first condo cash outright for about 120k.  Now I am interested in eventually renting it out and buying a multifamily property to live in and rent out remaining unit(s). I was just wondering if you guys think it will be difficult for someone like me to get a decent mortgage loan for something like that. As I stated above  I am only 24 years old and don't have a very good credit score (660). I have a pretty well paying job and could probably save up some for a down payment. I figure I would need at least 300k to get the type of property I'm looking for in my area. What do you guys think my options are? How much would I need to save for down payment? What kind of interest rates am I looking at? Will the fact that I own property outright already help me? Thanks in advance for any insight I am very new to all this. Nate